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Fortis short lists four bids to sell its hospital asset

Cash strapped Fortis Healthcare has short listed four bids to sell off its business. These four bids are from Hero Enterprise Investment Office-Burman Family Office, IHH Healthcare Berhad, Radiant Life Care Private Limited backed by KKR Capital and consortium of Manipal Health Enterprises-TPG Asia.

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Cash strapped Fortis Healthcare has short listed four bids to sell off its business. These four bids are from Hero Enterprise Investment Office-Burman Family Office, IHH Healthcare Berhad, Radiant Life Care Private Limited backed by KKR Capital and consortium of Manipal Health Enterprises-TPG Asia.

“The company had received interest from various interested parties on may 31, 2018 as per the time lines specified in the ‘Invitation for Transaction Participation’,” read a regulatory filing. However, the Board decided to include only four bids for further procedure to sell off the hospital business.

As part of the bidding process, the short listed bidders will have 10 days to conduct financial and legal due diligence apart from interacting with Fortis Healthcare’s management and advisors for clarification purposes.

Post due diligence, the bidders will have to submit their respective bids by June 14. 

It is understood that these four short listed proposals, which have not been made public, have met with the conditions that was set out by the management. The conditions include minimum investment of Rs 1,500 crores into Fortis Healthcare by way of preferential allotment; plan for funding of RHT Health Trust acquisition; plan for providing exit to private equity investors of SRL; revealing funding source, among others .

Meanwhile on Wednesday, Fortis Healthcare had disclosed that the company sold off 18.2 million shares in its Singapore listed RHT Health Trust for Rs 69 crore. The Gurugram based company through its wholly owned subsidiary Healthcare International Limited holds 27.3% stake in RHT Health Trust and after the latest transaction, it now holds 25.1% stake.

From the sale, 12.2 million units have been purchased by Mahesh Udhav Buxani 6 million units by Splendid Asia Macro Fund.

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